Riverside, California Personal and Business Bankruptcy Attorneys
J.L. Borrie & Associates

Representing individuals and businesses in bankruptcy filings throughout the Inland Empire area of Southern California, including Riverside, San Bernardino, Redlands, Colton, Lake Arrowhead, Running Springs, Big Bear, Rancho Cucamonga, Fontana, Highland, High Desert, and Victorville.

Below is a simple summary of the topics discussed on this site.

Chapter 7 Bankruptcy

This is the chapter most people refer to when they say "Bankruptcy." Key benefits are the discharging of personal debt obligations, including older tax debts, and the ability to pick and choose which secured personal property to keep and pay for. Recent income taxes, payroll taxes, spousal and child support are not dischargeable. Student loans are no longer dischargeable regardless of how old they are. Recent prior law allowed the discharge of student loans if the repayment period commenced at least seven years before the bankruptcy filing. I note this only because many less experienced bankruptcy lawyers are unaware of the change in the law, particularly since the change was an "add on" to a completely unrelated bill, and it received no, or little publicity. Current law limits the filing of Chapter 7 cases to once every eight years. More about Chapter 7 Bankruptcy...

Chapter 11 Bankruptcy

Chapter 11 cases are similar to Chapter 13’s, but are much more flexible. A Chapter 11 proceeding, is a much-expanded version of a Chapter 13, designed primarily for large businesses, partnerships and corporations, though individuals can file a Chapter 11. Chapter 11's are commonly used to obtain an expanded time period within which to pay back all or part of the outstanding obligations, including the ability to stretch tax repayments to the IRS, EDD, etc. up to six years. Tax creditors generally do not get to vote and are stuck with the plan provided they are to be repaid within 6 years, and if they consent, the period can be stretched even longer. More about Chapter 11 Bankruptcy...

Chapter 12 Bankruptcy

Chapter 12 cases are a hybrid between a Chapter 13 and a Chapter 11. They are much more flexible than a Chapter 13, and there are some advantages over a Chapter 11. However, only "family farmers" qualify to file Chapter 12's. There are restrictions as to total amount of debt, requirements that a minimum percentage of the debt arise out of the farming operation, and a minimum percentage of gross income be earned by farming operations. More about Chapter 12 Bankruptcy...

Chapter 13 Bankruptcy

Generally speaking, a Chapter 13 is a reorganization of your financial affairs, as to monthly payments, and many times, as to the principal balance of your debts, without borrowing any money. It allows you to stop foreclosures, repossessions, wage garnishments, tax levies, IRS seizures, etc, by allowing you to set up a court enforced repayment plan to restructure secured debts including arrearages on your home, generally over three to five years, and of unsecured debts, including taxes, over a period of 5 years, thereby reducing monthly payments to an affordable amount, and allowing you to keep your property. In most cases, it immediately stops interest charges on unsecured debts, arrears on your residence, and can be structured to protect most co signers from any creditor action. Commonly Chapter 13s are used to stop foreclosures on homes. There are restrictions on who can file a chapter 13, and the basic requirement is that only individuals (including those in business) can file Chapter 13. Corporations and partnerships cannot file Chapter 13. Additionally, congress set debt limits for individuals to qualify for Chapter 13's, and were initially set at $250,000 unsecured and $750,000 secured, with small automatic periodic increases to these amounts.  As of the last revision date to this page, the amounts are $336,900. unsecured and $1,010,650. secured.  More about Chapter 13 Bankruptcy...

Stopping Debt Collections

When you file any bankruptcy case, the court issues an automatic stay, which essentially means that upon filing the petition, creditors, including the IRS, collection agents and attorneys, etc, are restrained from trying to collect their debts. Simply put, they cannot send you insulting or threatening collection letters, call you on the phone, sue, garnish your wages, repossess a car, foreclose on your home, or do any other act to collect on the debt. If your wages are already being garnished, the garnishment must stop, and in many cases you can recover all the money taken from your wages within the 90 days prior to the filing of your case. If a creditor is foolish enough to ignore the restraining order, you may bring a contempt of court action against the creditor not only to make him stop, but also for the court to fine him, for costs and fees, and for damages caused by the violation of the automatic stay. Creditors are very well aware of the risks and will not try it if you are represented by a competent attorney. More about Stopping Debt Collections...

Tax Problems

Including offers in compromise, lien and levy releases, negotiating payment terms, tax audits, discharging taxes in bankruptcy, and forcing tax entities to accept repayment plans in bankruptcy. More about Tax Problems...

Foreclosures

Includes the foreclosure process, including time periods and procedures involved. Considerations on whether you should refinance, file a Chapter 13 or Chapter 11 proceeding, or walk away from the property, and the effects and potential problems which may arise with each option. Also includes how the automatic stay prevents the sale of your property once a bankruptcy case is filed, and a discussion of the scams, cons and outright thievery that is currently being practiced against unsuspecting homeowners who find themselves in a foreclosure. More about Foreclosures...

Out-of-Court Debt Workouts

Out-of-court debt workouts entail analyzing your particular circumstances to determine what we could force your creditor(s) to take under the various and appropriate chapters of the Bankruptcy Code, and instead of filing, offering your creditor(s) a little more as an inducement to accept the offer. More about Out-of-Court Debt Workouts...

We offer a free conference of up to one hour with an experienced (a minimum of 10 years) bankruptcy, tax problem, foreclosure and debt resolution attorney (not a junior associate or paralegal) who will fully analyze your specific financial situation, and advise you as to your available options, likelihood of success, and the costs and procedures involved in each alternative.

If you would like someone to contact you regarding your problems or concerns, please choose the appropriate choice below, or call us at 951-686-6432 and mention that you visited our web site for a free, no-obligation conference.